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Wind and solar power are expected to produce more than a third of the world’s total energy by 2030, according to a new report published by the Rocky Mountain Institute.
“The exponential growth of clean energy is an unstoppable force”, with wind and solar together are expected to generate 33% of global electricity production by the end of the decade, up from 12% currently, according to the report.
“The benefit of rapid deployment of renewables is greater energy security and independence, as well as long-term energy price deflation, because it is a manufactured technology – the more you install, the cheaper it is”, RMI said.
The report says the cost of renewable electricity has fallen over the past 10 years, with solar and battery costs falling by 80% in 2012-22, while offshore wind costs have dropped by 73% and onshore wind costs by 57%.
The report concludes that the COP28 renewable energy target of tripling capacity by 2030 is within reach as long as hurdles such as grid investment, permit streamlining and a larger storage are put in place.
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